Sushi and bento chain Wasabi grew like-for-like sales 8.1% in 2016, with turnover growing 21.5% to £98.1m.
The number of branches operated by the group increased from 49 to 55 in the year to the end of December, including Wasabi’s second international branch, in New York.
The group opened its third New York site at the World Trade Centre in April of this year and will launch in 6th Avenue and Penn Station in September.
The current financial year has also seen the group open a second iteration of its Kimchee Korean format, in Pancras Square. Its Soboro Bakery concept launched in Cambridge last month.
Gross profit for 2016 increased by £5m to £35m. EBITDA fell from £5.4m to £4.7m, which the group said was largely due to increased costs in the wholesale price of salmon.
Wasabi’s finance director, Scott Etherington, said: “Unlike many businesses, Wasabi decided not to pass on the increased costs of salmon to our customers, preferring instead to absorb the additional costs ourselves. The salmon wholesale market is notoriously volatile but we are very confident that Wasabi is in excellent shape to ride out any future price fluctuations during the remainder of 2017”
“We have also invested in new shops in 2016 and this has continued into 2017 with the expansion of our Kimchee brand and also the exciting arrival of our Soboro bakery, and a further three New York stores.”
Earlier this month, Wasabi announced a trial partnership with Marks & Spencers, with sushi counters going into five M&S stores between now and Christmas.
